According to a new market report published by Transparency Market Research, “Multi-parameter Patient Monitoring Equipment Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023,” the global patient monitoring equipment market was valued at more than $3 billion in 2014, and is projected to reach a value of $4.7 billion by 2023. The forecast period is 2015 to 2023.
Transparency Market Research describes multi-parameter patient monitors as medical devices used to monitor patients’ vital signs under critical care, including heart rate, temperature, blood pressure, pulse oximetry, and respiratory rate. The company reports that various factors, such as increasing incidence of chronic diseases, growing awareness of applications for patient monitors, and increased spending by patients and governments have fueled the growth of the global multi-parameter patient monitoring equipment market.
According to the report, the high-acuity monitors segment accounted for the largest share (over 40%) of the multi-parameter patient monitoring equipment market in 2014, because these devices are driven by increasing admissions to intensive care units due to respiratory and cardiovascular diseases. The report predicts an expansion of low-acuity monitors at the fastest rate due to a growing need for ambulatory and transport monitoring services. The report lists lower costs, technological advancements, and greater accuracy among the factors contributing to high growth in the low-acuity monitors market.
The report describes the global multi-parameter patient monitoring equipment market as exhibiting “intense competition among the existing players.” It is also described as “fragmented” and “characterized by the presence of both established [and] emerging companies.” According to the report, some of the major players operating in this market are Philips Healthcare, GE Healthcare, Mindray Medical International Limited, and Schiller AG, among others.